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CAD Mildly Outperforming For First Time Since US CPI

CANADA
  • USDCAD sits little changed on the day just above 1.31 having fleetingly dipped below it overnight for the first time since mid Sep 2022.
  • Oil holds onto most of yesterday’s climb from Libya disruption that buoyed oil-tied currencies, whilst a small lift in the USD sees CAD mildly outperform most majors after heavy underperformance since US CPI.
  • The pair has resumed its medium-term downtrend, whilst the overnight 1.3093 stopped short of testing support at 1.3084 (1.618 proj of Apr 28 – May 8 – May 26 price swing).
  • Ahead, CAD existing home sales at 0900ET should see elevated interest after the pickup in housing activity was explicitly cited by Macklem on Wednesday. Matters are then more US-centric, with Chicago Fed’s Goolsbee speaking at 0910ET and the U.Mich consumer survey at 1000ET.
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